Spot ETH ETF losses outpace Bitcoin as monthly net flows remain negative

Bitcoin (BTC) and Ethereum’s native token, Ether (ETH), continue to seek price stability after trading at their respective intraday lows of $66,171 and $1,912 on Thursday.

As this process nears completion, a recent analysis from Bloomberg analysts examines how BTC and ETF holders are faring in the face of continued price weakness and a slowdown in ETF inflows.

Key takeaways:

Bitcoin ETF spot asset value fell to $85.76 billion from $170 billion (October 2025 peak), with 2026 net flows of approximately -$2 billion.
The Ether ETF’s spot asset value fell to $11.27 billion from $30.5 billion, with ETH trading at close to $2,000 compared to $3,500 on a cost basis.
Only about 6% of Bitcoin ETF assets were closed during the recent downturn, indicating restricted capitulation.

Average cost of US ETF spot deposits. Source: Glassnode

Bitcoin, Ether ETF asset value declines as inflows stagnate

Bloomberg analyst James Seyffart he said Ether ETF holders are “in a worse situation” than Bitcoin ETF investors. With ETH below $2,000, well below the estimated average cost base of $3,500, i.e. the average price at which spot ETF investors accumulated their positions, the decline exceeded 50% at the recent low of $1,736.

By comparison, Bitcoin is currently valued at $66,171, also below the ETF’s estimated cost basis of $84,063, although the decline is much smaller at 21%.

Cryptocurrencies, Ethereum, Bitcoin Price, Adoption, Markets, United States, Price Analysis, Market Analysis, Ether Price, Ethereum ETF, Bitcoin ETF, ETF — *ETF cost basis and ETH price. Source: James Seyffrat/X*

Seyffart noted that total net inflows into ETH ETFs only declined by about $3 billion, suggesting that most ETH ETF investors held their positions during the recent decline.

Assets held in a spot Bitcoin ETF pointed in October 2025 it was $170 billion and currently it is $85.76 billion. Inflows declined sharply after mid-2025, with $13.7 billion recorded in the first half of the year, $7.64 billion in the second half, and year-to-date outflows of approximately $2 billion. As of July 2025, cumulative net flows amount to $5.64 billion.

On February 5, Bloomberg ETF Senior Analyst Eric Balchunas noted that only about 6% of total Bitcoin ETF assets were closed during the recent sell-off. BlackRock’s IBIT has fallen to $51 billion from $100 billion at its peak, but it remains one of the fastest-growing ETFs, reaching $60 billion in assets.

Related: Bitcoin Miner Outflows Skyrocketed in January, but Public Sales Remain Narrow

Bitcoin ETF flows are entering a bear market

Trailing 30-day Bitcoin ETF flows have turned sharply negative after failing to return to inflow territory. Apart from a compact rebound, this represents the longest period of sustained outflow of funds since market launch.

Glassnode data too excellent that the 30-day uncomplicated moving average (SMA) of net flows for both Bitcoin and Ether cash ETFs has remained negative for most of the last 90 days. The data shows no clear signs of renewed demand.

Macroeconomic Bulletin Econometrics he said the pace of these outflows suggests that investors are actively reducing exposure rather than reacting to short-term volatility.

The bulletin added that the combination of price weakness and persistent negative flows indicates a “bear market” rather than a fleeting correction.

Related: Bitcoin Futures Data Shows Bears Preparing to Attack $60K dollars

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